Texas Mortgage & Real Estate Thoughts

Tax Deadline Extended!

There's great news for last minute tax filers! You'll have a few extra days to file your taxes this year...thanks to a little known Washington D.C. holiday called Emancipation Day, which celebrates the freeing of slaves in the district.

Though Emancipation Day actually falls on Saturday, April 16, it will be officially observed on Friday, April 15 this year. And since the tax code says that filing deadlines can't fall on Saturdays, Sundays, or holidays, that means your tax filing isn't due until Monday, April 18, 2011.

As always, the most important thing is to file your tax return on time, even if you can't pay your bill. The IRS charges some pretty hefty penalties for filing late: generally 5% per month or up to 25% of the total tax amount due. And that doesn't even factor in interest charges, which the IRS changes quarterly and range between 4% and 9%.

Albert Einstein once noted that, "The hardest thing in the world to understand is income tax." And with all the changes that happen in the tax code each year, it's easy to see why he said so! If you have any questions about your taxes, your best bet is to talk to a CPA or tax professional. Let me know if I can refer someone to you, or if I can answer any questions at all that you may have about your mortgage. I'm always happy to help you however I can in achieving your short- and long-term financial goals.